Reddit’s NFT Frenzy Continues: Latest Polygon Collection Revealed

Reddit's NFT Frenzy Continues: Latest Polygon Collection Revealed
Source: Observer

Online discussion platform Reddit has seen significant success with its foray into NFTs, having already minted over 18 million Polygon-based Collectible Avatars within the past year. The platform recently launched a new collection called “Retro Reimagined,” featuring various artistic interpretations of its iconic “Snoo” alien mascot created by numerous artists.

This latest drop includes NFTs not only from previous contributors and members of the Reddit community but also incorporates elements from the Cool Cats profile picture (PFP) project and artist Micah Johnson’s Aku NFT character.

Reddit NFT avatars in this collection are limited

Indeed, the NFT avatars in this collection are being presented as limited edition releases, and each tokenized avatar comes with a varying number of available editions, ranging from hundreds to potentially thousands. The prices for these NFTs range from $2.49 to $199.99 per piece, and many avatars have already sold out at the time of this report.

To improve the buying experience and prevent excessive flipping by newly-created accounts, Reddit has made some changes. During the first day of the sale, purchases are restricted based on “account age and other metrics.” Moreover, a CAPTCHA verification system has been implemented to combat automated bots.

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Last summer, Reddit made its initial foray into the NFT space by launching Collectible Avatars through Polygon. Polygon is an Ethereum scaling network that enables more cost-effective and faster transactions, particularly suited for large-scale projects and NFT minting. This integration allowed Reddit to provide a seamless and efficient experience for users engaging with its NFT offerings.

In addition to the premium avatars available for purchase, which have fetched high prices on secondary markets, Reddit has also given away millions of avatars for free over the past year. This approach has significantly contributed to the platform’s impressive overall NFT count.

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